Wells Fargo Advantage Specialized Technology Fund – WFTZX

MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Technology 3-year Morningstar Rating™ (out of 192 funds)   5-year Morningstar Rating™ (out of 168 funds)   10-year Morningstar Rating™ (out of 141 funds)   Overall Morningstar Rating™ (out of 192 funds)   The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) ratings, based on risk-adjusted returns. Click here for more information.

Morningstar® Style Box™ – as of 04-30-2013 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 04-30-2013 Lipper Science & Technology Funds

1-year   54 out of 155 3-year   60 out of 145 5-year   59 out of 136 10-year   N/A

Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURNS – as of 03-31-2013

				1-year		3-year		5-year		10-year		Since Inception
Specialized Technology Fund				-0.29%		9.95%		7.44%		13.55%		-1.14%
S&P North American Technology Index				4.02%		10.69%		8.57%		10.29%		--
Figures quoted represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Click here for current month-end performance. Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

EXPENSES
Net Expense Ratio – effective since 08-01-12		1.67%
Gross Expense Ratio		1.67%
The advisor has committed, through 07-31-13, to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual fund operating expenses after fee waiver, excluding certain expenses, at 1.66%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		12.33%
2011		-10.27%
2010		27.02%
2009		58.23%
2008		-45.00%
2007		28.47%
2006		5.88%
2005		8.11%
2004		17.90%
2003		72.21%

The inception date of Investor Class shares was 4-8-05. Performance shown for the Investor Class shares prior to its inception reflects the performance of Class A shares, adjusted to reflect the higher expenses applicable to the Investor Class shares. Effective 6-20-08, Class Z was renamed Investor Class and modified to assume the features and attributes of the Investor Class.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  RCM Capital Management, LLC ("RCM")

PORTFOLIO MANAGERS

		Huachen Chen, CFA Years of investment experience: 28 View biography Mr. Chen joined RCM as a securities analyst in 1985 and became a principal with the firm in 1994. For the period from 2000 through April 2003, he co-managed the day-to-day management of the Specialized Technology Fund and was responsible for fundamental security analysis for the wireless, hardware and international technology areas. Since May 2003, Mr. Chen served as a member of the team of RCM investment professionals that provided research assistance to the Fund. Mr. Chen resumed his co-management responsibilities for the Fund in 2004. He earned his B.S. degree from Cornell University in Electrical Engineering and his M.S. degree in Materials Science and Engineering from Northwestern.
		Walter C. Price, Jr., CFA Years of investment experience: 40 View biography Mr. Price joined RCM in 1974 as a senior securities analyst and became a principal with the firm in 1978. He is co-manager for the day-to-day management of the Specialized Technology Fund and is responsible for fundamental security analysis in the software/services and internet areas. Mr. Price earned his B.S. degree with Honors in Electrical Engineering from M.I.T. and his B.S. and M.S. degrees in Management from the Sloan School at M.I.T. He is a past president of the M.I.T. Club of Northern California and is currently a Director. He also heads the Educational Council for M.I.T. in the Bay Area. Mr. Price is a past Chairman of the AIMR Committee on Corporate Reporting for the computer and electronics industries.

THE FUND  |  The Wells Fargo Advantage Specialized Technology Fund seeks long-term capital appreciation by investing in global technology companies that management expects will have higher-than-average rates of growth and strong potential for capital appreciation.

• Invests in stocks of both domestic and international companies that use technology in an innovative way to gain a strategic, competitive edge.
• Emphasizes growth, quality, and valuation through its investment process and incorporates judgment of estimated future growth, quality of management, balance sheet strength, cash-flow generation, and uniqueness of product niche.
• Highlights higher-valuation market leaders seeking to lessen the "blowup" risk and increase the probability of positive total return. The fund's management believes that market leaders are more likely to be able to translate growth within a subsector into earnings growth, profit growth, and price appreciation. While the team may pay more for market leaders, it believes returns will typically far outweigh the costs.

• Dual research approach: A unique, proprietary, dual-research platform—composed of a fundamental research team and complemented by an innovative "grassroots research" effort—seeks to allow the team to acquire and process information before its competitors. "Grassroots" is a global network of investigative journalists and industry contacts who are trained at uncovering information that is vital to the assessment of key drivers of stock performance.
• Flexibility to deviate from index: The team believes there are major changes coming in technology adoption and is finding emerging leaders within the information technology sector that may not be significant benchmark constituents. Focusing on a broader array of opportunities allows the team to separate itself from its peers, who are often more value-oriented or are more closely aligned with the benchmark.

RISKS  |   Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Funds that concentrate their investments in limited sectors may be susceptible to financial, economic, or market events affecting those sectors. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to convertible securities risk, foreign investment risk, nondiversification risk, and smaller-company securities risk. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 04-30-2013 Microsoft Corporation   9.30% Google Incorporated   6.61% Cisco Systems Incorporated   4.95% Salesforce.com Incorporated   3.41% Sandisk Corporation   3.36% Amazon.com Incorporated   3.30% Visa Incorporated   2.97% Western Digital Corporation   2.81% Micron Technology Incorporated   2.54% Tesla Motors Incorporated Common Stock Usd.001   2.34% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

TOP SECTORS – % of net assets as of 04-30-2013 Information Technology   81.92% Consumer Discretionary   9.27% Cash   6.39% Materials   1.46% Industrials   0.96% Consumer Staples   0.00% Energy   0.00% Financials   0.00% Health Care   0.00% Telecommunication Services   0.00% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 03-31-2013 Number of Securities   73 Median Market Capitalization   $11.12 Billion Turnover Rate – as of 3-31-13   126.53% R²   0.90 Beta   0.99

ACCOUNT FEATURES Check Writing   No Dividends   Annually

ACCOUNT MINIMUMS Regular Account   $2,500 Traditional/Roth IRA Account   $1,000 UGMA/UTMA Account   $1,000 Subsequent Investments   $100

FEES
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum